Schiff Company Owns 100% of the Outstanding Common Stock of the Viel

question 22

Multiple Choice

Schiff Company owns 100% of the outstanding common stock of the Viel Company. During 20X1, Schiff sold merchandise to Viel that Viel, in turn, sold to unrelated firms. There were no such goods in Viel's ending inventory. However, some of the intercompany purchases from Schiff had not yet been paid. Which of the following amounts will be incorrect in the consolidated statements if no adjustments are made?

• A)inventory, accounts payable, net income
• B)inventory, sales, cost of goods sold, accounts receivable
• C)sales, cost of goods sold, accounts receivable, accounts payable.
• D)accounts receivable, accounts payable

---

Definitions:

Associative Play

A stage of play in child development where children play in groups, sharing materials and interacting, but not organizing their play towards a common goal.

Art Classes

Educational sessions focused on teaching various forms of art, such as painting, drawing, or sculpture, often aimed at developing creativity and technical skills.

Improvisational Theatre

A form of live theatre where performers create spontaneous and unscripted scenes, requiring creativity and quick thinking.

Decision Making

The method of selecting options through recognizing a decision, collecting data, and evaluating different solutions.